Forward Air posts higher 3Q earnings

user-gravatar

Forward Air

Forward Air Corp. on Wednesday, Oct. 19, reported that operating revenue for the 2011 third quarter ended Sept. 30 increased 11.7 percent to $135.7 million from $121.5 million for the same quarter in 2010. Income from operations was $20.3 million compared with $15.5 million. As a percent of operating revenue, income from operations increased to 15.0 percent from 12.8 percent. Net income increased to $12.9 million from $8.9 million.

Operating revenue for the nine months ended Sept. 30 increased 10.7 percenbt to $388.1 million from $350.6 million. Income from operations was $53.5 million compared with $35.1 million. As a percent of operating revenue, income from operations increased to 13.8 percent from 10.0 percent. Net income was $32.8 million compared to $20.2 million.

“We are pleased to announce another quarter of outstanding operating performance,” said Bruce Campbell, chairman, president and chief executive officer. “We started the quarter with some intermittent softness in network volumes. Over the course of the quarter, tonnage firmed up very nicely, ending the quarter with system tonnage up 9.5 percent for the month of September as compared to September one year ago.”